Condominium Resale Certificate - Williams & Williams

07:A20 MIG/jlf 2/4/84
7.5 Fiscal Year: The fiscal year of the Association
shall be the calendar year: provided that the Directors, from
time to time, by resolution, may change the fiscal year to
some other designated period.
ARTICLE VIII. ASSESSMENTS
B.). Obliqation f Member3 to Pay Ase ssments Amount of
Levy: Until the Association levies a Common Expense assessment,
Declarant shall pay all accrued expenses of the Condominium.
Thereafter, each Unit Owner shall be severally liable for the
Common Expense that are levied against his Unit while a Unit
Owner.
Each Unit shall be assessed in accordance with that
Unit's Allocated Interest.
8.2 Allocation o Common Surplus: Any common surplus
shall be allocated to each Unit in accordance with its Allocated
Interest, and shall be owned by the Unit Owner of that Unit
and credited against that Unit's proportionate share of Common
Expenses subsequently assessed.
8.3 PreDaratiori Sudcet arid Lvyinc of Aase5Tent:
least once each fiscal year, beginning with the fiscal year
beginning January 1, 1985, the Executive Board shall prepare
and adopt a budget for that fiscal year, including therein
estimates of the amount necessary to pay the Common Expenses
together with amounts considered necessary by the Executive
Board for reserves. After preparation and adoption of each
such budget, the Executive Board shall provide each member
with a copy and shall give each member notice of the assessment
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